Former IPL chairman Lalit Modi names son Ruchir his successor

Former IPL Chairman Lalit Modi on Sunday (January 15) announced that his son Ruchir Modi would be his successor in the Lalit Kumar Modi (LKM) Branch of the KK Modi Family Trust (KKMFT).

He said that he had made this decision after discussing it with his daughter, Aliya, who also believed that the control of his family’s affairs and its beneficial interest in the Trust should be handed over to Ruchir.

‘Time to retire’

Lalit Modi shared his resignation letter from the family trust on Twitter that said, “In the light of what I’ve gone through, it’s time to retire and move on and groom my kids. I am handing them all.”

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He added that he would cease to have any interest, present and future in any of the assets, properties or income of the KKMFT.

He, however, clarified that “this does not affect my status as a Trustee of the KKMFT, nor would it affect my rights as a member of the KKM family and any claim made for the family expenses under clause 6.1.5 of the KKMFT shall remain unaffected by my gifting my beneficial interest in favour of my son.”

Feud with mother and sister

Modi said the feud with his mother Bina Modi and sister Charu Modi had pained him greatly. “The present litigation with my mother and sister is tedious, strenuous, and has gone on for long, and even though there have been several rounds of discussions for settlement, there is no end in sight. It has caused and continues to cause me immense distress,” he wrote.

He recently shared on social media that he had spent three weeks in confinement with double covid in two weeks accompanied by influenza and pneumonia, and that he was on 24/7 oxygen support.

Lalit Modi has been on the run after being charged by the Indian government with tax evasion and money laundering.